... proposal to tax billionaires’ unrealized capital gains

GURPS

INGSOC
PREMO Member
'This Is Insanity': Democrats Discuss New Plan to Help Pay for Massive Spending Bill


Senior Democrats confirmed that a proposal to tax billionaires’ unrealized capital gains will likely be included in President Biden’s $2 trillion spending package.

Treasury Secretary Janet Yellen explained on CNN Sunday that the proposal, raised by Sen. Ron Wyden, D-Oregon, would impose an annual tax on unrealized capital gains on liquid assets.

“I wouldn’t call that a wealth tax, but it would help get at capital gains, which are an extraordinarily large part of the incomes of the wealthiest individuals and right now escape taxation until they’re realized,” Yellen said.



Well this should crash the market as billionaires sell off their stock holdings
 

Kyle

Let's Go Brandon!
PREMO Member
Wait!

Why do they need to pay for something they repeatedly insist is costing nothing?
 

Rommey

Well-Known Member
OK, let's play this insanity game for a second. Let's assume they tax all this unrealized income this year...does that mean they will tax it again the next year and the following year, and so on? How does this affect property owners? Will they have to pay tax on unrealized gains on their property? So when these rich billionaires start selling off the assets and the stocks value crashes, do those who waited longer and don't sell get to escape the tax because their unrealized gain vanished?

What makes the government think they are entitled to any of this unrealized money?
 

vraiblonde

Board Mommy
PREMO Member
Patron
So now they want to tax money that hasn't actually become money yet, it's just theoretical money on paper only. Profits that aren't actually profits.

:lmao:

How easy would it be to tax people on consumption, aka FAIR tax? Answer: it would be ridiculously easy, which is why government doesn't want to do it.

If you want to tax the wealthy, that's how you do it - tax based on what they buy. Florida doesn't have a state income tax, and it does just fine in the revenue department. That's because EVERYONE kicks in - from welfare recipients to hookers to drug dealers to tourists to the incredibly wealthy.

Of course if government decided to adopt this tax policy, the politicians would surely come up with loopholes and exemptions for their rich pals, and we'd be right back off where we started. All those rich blowhards - talking to you, Bill Gates - wailing that they should be paying their fair share would be first in line finding out a way to skirt the tax.

The problems in this country are simple to solve, but our elected representatives make bank by NOT solving them. Once We the People figure that out, we'll be halfway there.
 

Hijinx

Well-Known Member
So now they want to tax money that hasn't actually become money yet, it's just theoretical money on paper only. Profits that aren't actually profits.

:lmao:

How easy would it be to tax people on consumption, aka FAIR tax? Answer: it would be ridiculously easy, which is why government doesn't want to do it.

If you want to tax the wealthy, that's how you do it - tax based on what they buy. Florida doesn't have a state income tax, and it does just fine in the revenue department. That's because EVERYONE kicks in - from welfare recipients to hookers to drug dealers to tourists to the incredibly wealthy.

Of course if government decided to adopt this tax policy, the politicians would surely come up with loopholes and exemptions for their rich pals, and we'd be right back off where we started. All those rich blowhards - talking to you, Bill Gates - wailing that they should be paying their fair share would be first in line finding out a way to skirt the tax.

The problems in this country are simple to solve, but our elected representatives make bank by NOT solving them. Once We the People figure that out, we'll be halfway there.
I guess they think they can tax theoretical money because they are spending theoretical money
 

Merlin99

Visualize whirled peas
PREMO Member
So now they want to tax money that hasn't actually become money yet, it's just theoretical money on paper only. Profits that aren't actually profits.

:lmao:

How easy would it be to tax people on consumption, aka FAIR tax? Answer: it would be ridiculously easy, which is why government doesn't want to do it.

If you want to tax the wealthy, that's how you do it - tax based on what they buy. Florida doesn't have a state income tax, and it does just fine in the revenue department. That's because EVERYONE kicks in - from welfare recipients to hookers to drug dealers to tourists to the incredibly wealthy.

Of course if government decided to adopt this tax policy, the politicians would surely come up with loopholes and exemptions for their rich pals, and we'd be right back off where we started. All those rich blowhards - talking to you, Bill Gates - wailing that they should be paying their fair share would be first in line finding out a way to skirt the tax.

The problems in this country are simple to solve, but our elected representatives make bank by NOT solving them. Once We the People figure that out, we'll be halfway there.
So is this how they plan to get at your 401K?
 

OccamsRazor

Active Member
They could always take a page out of the MD tax playbook and just tax things twice, three times, or indefinitely. Bought a used car? Gotta pay a tax. "But wait.. this was already taxed when it sold to the first owner! Doesn't matter.. tax it! Wait.. you got Federal money back on your tax return? Gotta pay State tax on that! Wait... didn't those earnings get taxed last year? Doesn't matter.. gotta pay tax on it!
 

vraiblonde

Board Mommy
PREMO Member
Patron
Well the left hate Amazon and Bezos .. he is the current whipping boy ..
Meh, that's all for show. They don't hate him at all - he gives them a chit TON of money. Just like the whole FB thing is a farce - Zuck not only gives them money, he censors content they don't like. Google, same. Twitter, same.

Democrats do stupid things but one thing they never do is bite the hand that feeds them. These grifters will do literally anything for money. All this pearl clutching is just a show for us watching at home.
 

Kyle

Let's Go Brandon!
PREMO Member
Janet Yellen Proposes Tax On Coins You Acquire In Mario


WASHINGTON, D.C.—Treasury Secretary Janet Yellen has formulated a brilliant new plan to pay for Joe Biden's "Build Back Better" plan, which still needs to be paid for even though Biden said the cost was $0. To accomplish this, she has proposed taxing all coins acquired by U.S. citizens whenever they play a Mario game.

"Every time your little Mario or Luigi character on the screen collects a coin, that's an unrealized gain," said Yellen. "Why are we allowing all those coins—not to mention all those power stars and power moons—to just sit in Mario's pocket untaxed?"

Experts estimate that over 32 billion coins are collected in Mario games every year, and all of those gains go completely untaxed, allowing gamers to reap the benefits of power-ups and extra lives without sending any money to the government.


 

Kyle

Let's Go Brandon!
PREMO Member
Janet Yellen Pops Out Of Child's Cake To Take His Birthday Money



 

Clem72

Well-Known Member
So I definitely don't agree with a wealth tax, but I assume it would have to function like a property tax to avoid all of the issues listed in this thread. For real estate / property taxes you pay based on the total value of your property, not based on the difference between what you paid and the current value, and not based on how much is or isn't mortgaged, etc.

So a wealth tax would probably be 1% (or whatever %) of the average value of the asset class for the year, every year. If your value goes up, you pay a little more, if it goes down you pay a little less. If this was instead of a capital gains tax you might even come out ahead, but of course it would be on top of rather than instead of existing taxes.

Again, I don't agree with this at all, just saying this is the only manageable way I could see to do it.
 

Crabcake42

Active Member
Meh, that's all for show. They don't hate him at all - he gives them a chit TON of money. Just like the whole FB thing is a farce - Zuck not only gives them money, he censors content they don't like. Google, same. Twitter, same.

Democrats do stupid things but one thing they never do is bite the hand that feeds them. These grifters will do literally anything for money. All this pearl clutching is just a show for us watching at home.
Totally, that’s why the Trump kids and Kellyanne Conway went to his house warming, you really don’t pay attention, do you?

 
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